Home | Contact Us | Find a REALTOR ® Steps to Buying Your First Home Renting Vs. Buying Your First Mortgage Closing Process Buying a Home Checklist A home is the largest purchase most people will make in their lifetime. Buying a home can be a daunting task. But it doesn't have to be. Here you’ll find resources from the Hawai'i Association of REALTORS ® that will help you with your home buying process. Federal Hawai'i State City & County of Honolulu County of Hawai'i County of Kaua'i County of Maui Non-Profit Hawai'i Homeownership Center > Tax Credit has Expired The $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers have expired. However, service members on official extended duty outside of the United States for at least 90 days between Jan.1, 2009 and May 1, 2010, may qualify for a one-year extension. For home purchases where a binding sales contract was signed by April 30, 2010, otherwise qualified buyers had until September 30, 2010 to complete their purchase. > Homeowners Get Many Tax Benefits The federal tax code contains other advantages for homeowners as well. Mortgage interest, mortgage insurance premiums and property taxes may all be deductible on your income tax return, subject to certain restrictions and limitations in the tax code. Before you make a decision, it’s a good idea to research how much you can afford to spend to buy a home and check your credit to avoid any "surprises." For more information, contact a REALTOR®.